Oliver Company provided the following information for the coming year:

Units produced and sold	160,000
Cost of goods sold per unit	$6.30
Selling price	$14
Variable selling and administrative expenses per unit	$1.10
Fixed selling and administrative expenses	$423,000
Tax rate	18 %

Required:

Prep a budgeted income statement for Oliver Company for the coming year. Round all income statement amounts to the nearest dollar.

Sales	$
Cost of goods sold	$
Gross Margin	$
Less: Variable selling and administrative expenses	$
Less: Fixed selling and administrative expenses	$
Operating income	$
Less: Income taxes	$
Net income	$